COMPARATIVE MARKET ANALYSIS

Thinking of selling? Do you know the value of your home? Before you put your home on the market, you need to get an idea of local house values. Because the real estate market is continually changing, it’s important to select your list price based on the most recent comparable sales in your neighborhood. 

What is a CMA?  A Comparative Market Analysis which is known in the industry as a CMA, is used to help establish a realistic price range for a home. 

A CMA is a review of comparable properties in the immediate area including recently sold, under contract or currently available on the market. The number of bedrooms and bathrooms, lot size, architectural style, square footage, special features, such as: a swimming pool, spa, panoramic city, mountain or ocean view, year built, location, asking price and number of days on the market. 

The key to remember about a CMA is that, if properly researched, it will give you the hard numbers necessary to reach a realistic pricing decision. The price range you get from an agent using CMA may well be lower than what you get from agents who don't use one, but the odds are strong that your house will actually sell in the CMA suggested range, rather than at the higher price. And it will sell quicker because the CMA emphasizes market reality, not the upper limit price many of us prefer to hear. 

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